KARACHI: Pakistan Steel Mills would not be privatised, rather endeavours would be undertaken to make it profitable again, said Prime Minister Raja Pervaiz Ashraf on Friday while announcing an immediate cash injection of Rs2 billion for the ailing enterprise.
The present government had recently announced a bailout package worth Rs15 billion for the mills.
Speaking during his visit to the Steel Mills, Ashraf assured the release of the bailout package on timely basis. "Nobody will be able to call it a white elephant," he claimed.
Prime Minister said that Zulfikar Ali Bhutto, who had laid the foundation of this important institution at a difficult time, had called it the backbone of Pakistan’s economy. He said he wonders what went wrong that the mills ran into losses.
Promising support despite financial crunch‚ Ashraf said resources will be provided for the overall revival of Steel Mills.
He also expressed confidence in the business plan prepared by its management envisaging enough production to overcome losses.
Crediting Zulfiqar Ali Bhutto for setting up basic infrastructure and industries including the heavy mechanical and electrical complex, Ashraf said these steps were taken to improve national economy and generate job opportunities.